On 14 June 2010 the FSA has conducted an inspection at Saxo Bank concerning the bank’s compliance with the rules on investor protection and execution of warrant. Inspections include prompted by the prosecutor’s office brought against the bank in the press, and the five questions regarding Saxo Bank which the DFSA has received in respect thereof, concerning the Bank execution (including the charge of “front running”) and investment advise.

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So far, it has now led to the bank has met with numerous orders from Fina Authority. At the same time, it is clear that the bank, according to FSA’s view, have violated “Law on prevention of Money Laundering and Terrorist Financing” to such an extent that supervision has now notified the bank to the Financial intelligence. Ouch…

Under the supervision Saxo Bank has not had the necessary procedures to prevent criminals and terrorists are using the bank to launder money or to hide assets that can be used for terrorism.

Saxo Bank however argues that it is in full compliance with the FSA and that nonetheless it enhanced its anti money laundering procedures.

Bjørn Krog Andersen, legal director of Saxo Bank, wrote in a press release that the bank accepts FSA’s assessment of intelligence. The legal chief added that Saxo Bank “obviously does not want to be abused for money and that the bank already – as previously indicated – has enhanced the area significantly.” “This means that the bank’s practice today meets the FSA requirements,” adds Bjørn Krog Andersen.